Technological change and the households' demand for currency

• 成果类型: Article
• 署名作者: Lippi, Francesco; Secchi, Alessandro
• 署名单位: University of Sassari
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2008.11.001
• 发表日期: 2009
• 页码: 222-230
• 关键词: Money demand; Transactions technology; Inventory models

摘要

It is shown that accounting for technology variations, across households and periods, is important to obtain theoretically consistent estimates of the demand for currency. An inventory model is presented where the withdrawal technology is explicitly modeled. Both the level and the interest rate elasticity of cash holdings depend on the withdrawal technology available to households. Empirical proxies for the household withdrawal technology, based on the diffusion of cash withdrawal points measured at city level, are used to test the model predictions on a panel of Italian household data over the 1993-2004 period. (C) 2008 Elsevier B.V. All rights reserved.